Quarterly report pursuant to Section 13 or 15(d)

Change in Status (Tables)

v3.7.0.1
Change in Status (Tables)
3 Months Ended
Mar. 31, 2017
Change In Status [Abstract]  
Fair Value of Properties on Effective Date of Change in Status

The Company’s initial carrying value of the net assets of the self storage properties is the fair value on the effective date of the change in status determined as follows:

 

Fair value of self storage properties on the effective date of the

   change in status

 

 

 

 

 

$

34,624,573

 

Total net assets of the combined self storage properties

 

 

 

 

 

 

 

 

Property plant and equipment - self storage

 

$

26,388,167

 

 

 

 

 

Cash and cash equivalents

 

 

464,585

 

 

 

 

 

Accounts receivable

 

 

87,103

 

 

 

 

 

Prepaid expenses and other assets

 

 

206,146

 

 

 

 

 

Accounts payable and accrued expenses

 

 

(488,514

)

 

 

26,657,487

 

Increase to the initial carrying value of the net assets of the

   self storage properties on the effective date of the change in

   status

 

 

 

 

 

$

7,967,086